SoFi loans

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Easily apply for a SoFi loan with competitive rates and borrower perks.

Best known for student loan refinancing, SoFi has issued more than $19 billion in loans for over 275,000 members. Its products include personal loans, student loan refinancing, mortgages and mortgage refinancing. The typical SoFi borrower has good credit and a high salary, but it has no hard credit or income requirements.

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Benefits of a SoFi loan

SoFi also offers fixed-term personal loans in amounts ranging from $5,000 and $100,000. You can choose between a competitive fixed or variable APR and use it for just about any legitimate purpose: Taking a vacation, spending on home improvement or paying credit card debt (it’s particularly good for the credit card debt). Here are some key benefits to consider:

Wide range of loan amounts. The minimum you can borrow through a SoFi personal loan in most states is $5,000, and the maximum is $100,000. The maximum you qualify to borrow depends on factors including your creditworthiness, your existing financial situation and state regulations.

Competitive interest. If you choose to get a variable rate loan, the APR will start at 6.74% APR. Existing variable rates for individuals who set up automatic payments through AutoPay start at 6.51% APR. SoFi has a cap on its variable rate loans, so no matter how high prevailing interest rates climb, your variable rate loan will never exceed 14.95%.

Multiple loan terms. SoFi provides loan terms of three, five and seven years. You can choose the loan term based on your ability to make repayments. Remember that while longer loan terms will have lower repayments, you will end up paying more in interest.

No Fees. You don’t have to pay any fees for a SoFi personal loan. If you wish to pay the loan off ahead of time there is no prepayment penalty.

Unemployment protection. If you end up losing your job through no fault of your own, you can apply for the SoFi Unemployment Protection Program. SoFi puts the loans of approved individuals into forbearance and suspends their monthly repayments temporarily. SoFi offers this program in increments of three months, and it comes with a cap of 12 months. Interest continues to accrue during this period. SoFi’s career services program can also help you look for a new job.

Repayment methods. If you set up automatic electronic payments via ACH you can get a 0.25% discount on the APR you have to pay. You can also make one-time online payments via your bank, or send paper checks.

Customer support. SoFi provides over-the-phone customer support seven days a week, or you can contact a SoFi representative by email.

Networking opportunities. SoFi organizes community events like happy hour meet-ups, dinners, workshops and lectures where members can meet each other. Even if you don’t make any connections, at least you can learn something or get a free meal!

Where SoFi loans fall short

Qualifying can be difficult. SoFi’s comparably low rates are compelling, but not everyone can qualify for a SoFi loan. Those who’ve experienced any kind of financial hardship in the past might have a hard time getting approved.

Not available nationwide. SoFi doesn’t offer personal loans to residents of Mississippi or Nevada.

More about SoFi’s borrowing options

Mortgage refinancing. If you’re paying more interest on your existing mortgage than you should, you can consider refinancing it through SoFi. The entire process takes less than 30 days, and you can find out how much you pre-qualify for even before submitting a complete application.

Student loan refinancing.SoFi lets you refinance your existing student loan and you can choose between fixed and variable APRs. If you set up AutoPay, the fixed rate can be as low as 3.899% APR, and the variable rate can be as low as 2.47% APR. SoFi also offers career support in the form of interview coaching, learning negotiating tactics and more.

MBA loans. If you’ve decided to pursue a graduate degree you can think about an MBA loan through SoFi. You can choose to make interest-only repayments while at school, and you get to select between fixed and variable APRs.

What's this I hear about a SoFi CEO scandal?

You might have heard that SoFi’s cofounder and CEO Mike Cagney recently resigned. It’s no cause for panic if you’re already a SoFi borrower: Your money is as safe as it ever was. Cagney’s resignation follows allegations of sexual harassment, not financial misconduct. SoFi has however pulled back from plans to expand to foreign markets and asset management, following the change in leadership.

How can I apply for a personal loan from SoFi?

Applying for a SoFi personal loan is easy. To begin now simply click on the “Go to Site” button on this page. Before you do, make sure you meet the eligibility criteria as listed below:

You’re an American citizen or a permanent resident of the US

You meet your state’s minimum age requirements

You have a regular source of income

You’ll have to provide the following information to complete your application successfully:

Your full name and contact information

Details from an acceptable form of government identification such as your driver’s license or passport

Disclaimer

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Student Loan Refinance

Fixed rates from 3.899% APR to 7.979% APR (with AutoPay). Variable rates
from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable
rate loans are capped at either 8.95% or 9.95% depending on term of loan.
See APR examples and terms. Lowest variable rate of 2.470% APR assumes
current 1 month LIBOR rate of 2.30% plus 0.91% margin minus 0.25% ACH
discount. Not all borrowers receive the lowest rate. If approved for a
loan, the fixed or variable interest rate offered will depend on your
creditworthiness, and the term of the loan and other factors, and will be
within the ranges of rates listed above. For the SoFi variable rate loan,
the 1-month LIBOR index will adjust monthly and the loan payment will be
re-amortized and may change monthly. APRs for variable rate loans may
increase after origination if the LIBOR index increases. The SoFi 0.25%
AutoPay interest rate reduction requires you to agree to make monthly
principal and interest payments by an automatic monthly deduction from a
savings or checking account. The benefit will discontinue and be lost for
periods in which you do not pay by automatic deduction from a savings or
checking account. *To check the rates and terms you qualify for, SoFi
conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit
inquiries (or soft credit pulls) do not impact your credit score. Soft
credit inquiries allow SoFi to show you what rates and terms SoFi can offer
you up front. After seeing your rates, if you choose a product and continue
your application, we will request your full credit report from one or more
consumer reporting agencies, which is considered a hard credit inquiry.
Hard credit inquiries (or hard credit pulls) are required for SoFi to be
able to issue you a loan. In addition to requiring your explicit
permission, these credit pulls may impact your credit score.Terms and
Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS
AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a
U.S. citizen or permanent resident in an eligible state and meet SoFi's
underwriting requirements. Not all borrowers receive the lowest rate. To
qualify for the lowest rate, you must have a responsible financial history
and meet other conditions. If approved, your actual rate will be within the
range of rates listed above and will depend on a variety of factors,
including term of loan, a responsible financial history, years of
experience, income and other factors. Rates and Terms are subject to change
at anytime without notice and are subject to state restrictions.
SoFi refinance loans are private loans and do not have the same repayment
options that the federal loan program offers such as Income Based Repayment
or Income Contingent Repayment or PAYE. Licensed by the Department of
Business Oversight under the California Financing Law License No. 6054612.
SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (
www.nmlsconsumeraccess.org
)

Personal LoansFixed rates from 7.24% APR to 15.24% APR (with AutoPay). Variable rates from 6.51% APR to 14.35% APR (with AutoPay). SoFi rate ranges are current as of November 30, 2018 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.51% APR assumes current 1-month LIBOR rate of 2.33% plus 4.175% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

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